Fortinet, Inc. (FTNT) Stock Rating Reaffirmed by Oppenheimer Holdings, Inc.
Fortinet, Inc. (NASDAQ:FTNT)‘s stock had its “buy” rating reaffirmed by Oppenheimer Holdings, Inc. in a note issued to investors on Monday. They presently have a $45.00 price target on the software maker’s stock. Oppenheimer Holdings, Inc.’s price objective would indicate a potential upside of 16.76% from the company’s previous close.
Several other research analysts also recently issued reports on the stock. ValuEngine upgraded shares of Fortinet from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Susquehanna Bancshares Inc started coverage on shares of Fortinet in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $45.00 price target on the stock. Monness Crespi & Hardt started coverage on shares of Fortinet in a research report on Wednesday, June 14th. They issued a “buy” rating and a $45.00 price target on the stock. Northland Securities started coverage on shares of Fortinet in a research report on Thursday, June 29th. They issued an “outperform” rating and a $45.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Fortinet presently has an average rating of “Buy” and a consensus price target of $41.30.
Shares of Fortinet (NASDAQ:FTNT) opened at 38.54 on Monday. Fortinet has a one year low of $28.50 and a one year high of $41.56. The firm has a market capitalization of $6.78 billion, a P/E ratio of 105.59 and a beta of 0.99. The company has a 50-day moving average price of $37.31 and a 200 day moving average price of $38.20.
Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. The firm had revenue of $363.50 million for the quarter, compared to the consensus estimate of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 EPS. Analysts expect that Fortinet will post $0.95 earnings per share for the current fiscal year.
Fortinet announced that its Board of Directors has approved a share repurchase plan on Wednesday, July 26th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the software maker to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director Christopher B. Paisley sold 4,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $36.39, for a total value of $145,560.00. Following the transaction, the director now directly owns 66,611 shares of the company’s stock, valued at $2,423,974.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Keith Jensen sold 950 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the transaction, the chief accounting officer now directly owns 1,315 shares in the company, valued at $48,221.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,558 shares of company stock valued at $348,406. Corporate insiders own 17.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. First Mercantile Trust Co. bought a new position in shares of Fortinet in the second quarter valued at about $136,000. GLG Partners LP bought a new position in shares of Fortinet in the second quarter valued at about $145,000. NEXT Financial Group Inc raised its position in shares of Fortinet by 17,296.0% in the second quarter. NEXT Financial Group Inc now owns 4,349 shares of the software maker’s stock valued at $163,000 after purchasing an additional 4,324 shares during the period. Ropes Wealth Advisors LLC raised its position in shares of Fortinet by 67.3% in the second quarter. Ropes Wealth Advisors LLC now owns 4,610 shares of the software maker’s stock valued at $173,000 after purchasing an additional 1,855 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in shares of Fortinet by 31.9% in the first quarter. Daiwa Securities Group Inc. now owns 4,550 shares of the software maker’s stock valued at $174,000 after purchasing an additional 1,100 shares during the period. 68.99% of the stock is currently owned by institutional investors.
Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.
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